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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Monday, December 5, 2011

Finally, we are getting some action on the main stream media, namely, 60 Minutes. Steve Kroft does a very good job asking whistleblowers, prosecutors and others about why no one on Wall Street has gone to jail for the fraudulent behavior that brought about the financial crisis.

When one honest but unaware whistleblower told the interviewer about sending warning letters to the upper echelon, including Robert Rubin (formerly of Goldman Sachs), I laughed out loud. Rubin, the man who brought about the demise of the Glass-Steagal Act and worked tirelessly to deregulate derivatives and make banking the murky mess it became! So sad that such a man should have been making government decisions.

You can see this video and commentary on the background of the program here

Posted by
Joyce

4
COMMENTS:

Not enough cells
said...

Jon-Bubba twist

MF Global hired Clinton’s group

Even as Jon Corzine’s MF Global was collapsing, a firm that includes former President Bill Clinton in a senior post was raking in huge fees for public-relations and financial advice from the ill-fated brokerage, The Post has learned.

Clinton’s office insists the former president did not profit from the relationship between MF Global and Teneo Holdings, where he is chairman of the advisory board. But Teneo, on whose advisory board former British Prime Minister Tony Blair also sits, was paid $125,000 a month for at least five months in one of MF’s biggest consulting arrangements, according to sources at the brokerage house.

Anyone who thinks the MF Global situation can't happen to whatever custodian their financial advisor uses is brain-dead. The integrity of our system is eroding. As it further erodes there is going to be a serious flood of money into physical gold and silver - Dave in DenverI'll try to make this my last post on MF for awhile. It's really yesterday's news and, as I said back when the initial details were first released, this is substantially more fraudulent than is being reported. It turns out that Jon Corzine kept doubling down a bad bets on European sovereign paper - largely Greece and Italy I would bet - despite the protests of the chief risk officer, who resigned in March over this: LINK At least a few people on Wall Street still have scruples.

>> well, there’s two things you have to keep in mind to answer that question. first, there’s a huge problem with the swaps market, as it exists today, because there are no real reserve requirements. the risk against counterparties is tremendous. hey, ask aig how it worked out to write $3 trillion in swaps with zero reserves. didn’t work out too well for them. that’s number one. number two, you know, banking and wall street used to be the servant of the rest of the economy. but wall street existed in order to help bring companies public, to provide financial services, and banking services to the rest of the productive economy. and what’s happened over the past 20, 30 years is the tail has begun to wag the dog. financial services became an end unto itself. and so i don’t have a problem going back to boring banking, when they did simple stuff, they borrowed at 3%, they lent at 6%, and they were out on the golf course at 3:00.

All right people are saying all the right things about the crimes that have been and still are being committed by Wall Street and our band of merry banksters...yet no prosecutions and even worse no real comments from our government or our inJUSTICE Department.

Why is it we all see the crimes, see the evidence and see the victims but nothing from our legal system has surfaced?

Where is our legal system or better yet, who is it for? The rich but not the poor. The few but not the many. The large corporations who have been given legal person status but not the real people of this country.

I dare say we have been overtaken by a dictatorship that runs around behind the scenes and controls every aspect of our lives. Our politicians are all participants in this coup.

Once again, is change ever possible? Look who our choices are in the upcoming elections. Who among them - Democrat or Republican - can right the wrongs or are willing to stand up for our Democracy? Who among them - are not owned and controlled by the lobbyists and big - Too Big To FAIL - business interests?

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